Orange County NC Website
Browse       Search
*Tw does the work? <br />Implementing an economic development program is usually done by .... an economic <br />development organization. <br />There are at least 6,000 economic development organizations in the United States trying <br />to keep their existing primary employers in their community, attract new companies to <br />their town, and grow new primary businesses. <br />These organizations come in different sizes and shapes. Some <br />are- branchesWc the county -or= city government = - Others are=a <br />division of the Chamber of Commerce. However, the most <br />frequent is a free standing, not- for -profit economic <br />development corporation. <br />The economic development corporation is usually funded by <br />investments from the private sector along with money from <br />city and county governments. In some places in the United <br />States, citizens have voted to increase their taxes to pay for an <br />economic development program. <br />Nationally, some economic development organizations are <br />very successful in improving the area's economy, while others <br />are not. The organization must be adequately funded and have <br />the support of the community along with city and county <br />governments. <br />Most residents in an area are not aware of the activities of their <br />economic development organization. This is because its activities <br />"confidential" in nature. - When a business is looking for a community to <br />relocate to, it needs to keep the process a "secret." <br />are usually <br />expand or <br />If it is known publicly, the business will receive thousands of calls and visits from <br />economic development organizations from all around the world, the cost of property <br />many times escalates, and the workers "back- home" become anxious about their jobs, <br />fearing a closure. As a result, most companies use private consultants and usually the <br />economic development organization does not even .know the name of the company until <br />the end of the process. <br />It is a characteristic of the strongest local economies in the United States to have had an <br />active, well funded, economic development organization for quite some time. <br />Flow ®$ bough - Page 26 - Version August 20, 2007 <br />